Tuesday, September 11, 2012

Seattle City Council Approves New Arena Deal... Kings And Coyotes Next...???

((HT: KING-TV))

A deal has been reached between the Seattle City Council and Chris Hansen's investor group (no, not THAT Chris Hansen) on the financial terms that would put a new sports arena near Safeco Field in the South Downtown section of town.

There were a few issues that the city needed assurances on from Hansen's alleged ownership group before the city council members on the fence could be swayed to vote in favor of the Hansen deal...

$40-million will go toward a transportation fund to improve traffic, transit and protecting Port of Seattle operations. Initially, Hansen pledged almost $300-million toward building the arena, but the city would bring in somewhere between $120-200 million on their end- depending if one team is brought in or two. $7 million more goes toward KeyArena involving capital improvements and a plan for its future.

Hansen's group will take more responsibility for cost overruns or if the arena fails to be constructed, and after the first 30 years of use, Hansen's group can be ordered to buy the new arena for $200-million. If the arena doesn't make it that far, Hansen has to pay for the destruction costs.

And if the arena isn't even built, Hansen will agree to buy back the land.

But no construction begins on the new SoDo arena until an environmental review is conducted.

Here's the early positive thoughts...
Hansen even went as far as to offer to buy everyone their first beer Thursday afternoon at a local restaurant to celebrate...
"I welcome the news that the City Council has decided to support bringing basketball back to Seattle," said Seattle Mayor Mike McGinn in a statement. "We haven't gotten a team yet, but Sonics fans have a reason to smile today."
Hansen's move can now give the Maloof brothers cause to look out of Sacramento (just not quickly enough for their probable liking) and Phoenix and the NHL (just not quickly enough for their probable liking, either)...

Just don't talk to the Maloofs or Greg Jamison about it any time soon...